Stuy Town deal figures said juiced

MAYOR DE BLASIO’S office inflated the benefits of a deal to keep affordable housing at the massive Stuyvesant Town complex in exchange for $220 million in taxpayer subsidies, the city’s budget watchdog agency found.

The 2015 Stuy Town sale was the biggest single deal done under de Blasio’s affordable-housing plan — but the Independent Budget Office said in a new report that the city is getting less from the agreement than it claimed.

Stuy Town and next-door residence Peter Cooper Village make up the largest housing complex in Manhattan, with more than 11,000 apartments.

De Blasio announced in 2015 that Blackstone Group LP would buy the sprawling property (photo) for $5.3 billion and agreed to restrict rents at 5,000 of its apartments for at least 20 years.

That adds up to 100,000 “apartmentyears” of affordability. But according to the budget office’s report, the deal can be credited with only 36,000 years because the other 64,000 would have remained rent—stabilized even without the agreement and its massive subsidies.

“This was the biggest preservation deal done. We’ve put in $220 million, and it doesn’t look like we’re getting, based on our estimates, as much as the city had intended,” said Independent Budget Office chief of staff Doug Turetsky. “Only about a third of the affordable housing can be chalked up to the deal.”

Under the arrangement, the 5,000 apartments will stay rent-stabilized at least until current tenants move out. After that, they’ll become affordable-housing with income restrictions under city rules. The “affordable” apartments won’t come cheap — with 4,500 of them renting for more than $3,500 a month for a family of three.

As part of the deal, the city gave the new owners $220 million in tax breaks and loans that don’t have to be repaid.